More than 60,000 sales settlements recorded in February as our national market continues to strengthen

By Jarrod McAleese

Summer has come and gone but Australia’s property market remains red-hot.

February saw 60,508 sales settlements completed nationally, equating to a 28.2% rise year-on-year nationally, according to Australia’s leading online property settlement platform, PEXA. Five states recorded double-digit percentage growth year-on-year, with Western Australia

at the head of the pack, experiencing an exceptional 55.6% year-on-year spike. South Australia closely followed, recording 35.4% year-on year-growth. February numbers compared to January’s results were similarly healthy as four states saw month-on-month increases in property transfers.

PEXA Senior Research Manager, Mike Gill, said that the numbers nationwide were reflective of the sector’s current positive climate.

“It’s exciting to see February’s numbers build on the strong start to 2021. Though we saw exceptional results across the country, there were some notable standouts – particularly in Queensland.

“The state had already had a terrific start to the year and this continued recording more settlements than its larger neighbour New South Wales in February, which is certainly an impressive feat.”

After a slightly down month in January, Victoria quickly bounced back with a busy February. “It was pleasing to see Victoria recover and record 9.2% month-on-month growth – the highest nationally.

And though New South Wales was the only state to experience a month-onmonth decline, Gill believes this was likely an isolated blip.

“This result was driven by lower new listing volumes in January, however new listing levels did increase significantly in February – a positive indicator for March market activity.”